Deed of assignment of life policy

As part of your estate planning you might want to transfer a life insurance policy to someone else, say a son or daughter. You can do this by assigning the benefits of the policy to them.

Share your estate

You cannot give away an insurance policy as such, because the terms under which the insurance is written are specific to the policy holder. However, you can transfer the value of a life assurance policy by assigning its benefits, i.e. a payout on the death of the person insured, to someone else. This practice is accepted by insurance companies. If you assign a policy you must notify the insurance company of the assignee’s name and address and provide a copy of the assignment.